South Korean government will use Blockchain technology for tracing beef and providing consumers with information from the food supply chain

The biggest news agency in South KoreaYonhap, reported that the South Korean government will use blockchain technology to track beef and provide food supply chain information to consumers.

In the pilot program to be launched jointly by the Ministry of Science and ICT and the Ministry of Agriculture, Food and Rural Affairs, blockchain technology has been implemented.

The program testing phase is scheduled for December and the official system launch is scheduled for January 2019.

According to Yonhap, the ministries are planning to use the distributed ledger technology (DLT) “to track beef through the supply chain to provide consumers with information about the source of their food.” The report also states:

“The new platform uses blockchain technology to store related information and certificates in the distributed ledger to enhance efficiency and credibility.”

The use of blockchain technology to trace agricultural products is one of the world’s common implementations. In August, the largest exporter of grain in Australia, the CBH Group, partnered with a local start – up to use blockchain technology to track oat shipments.

Last month, Archer Daniels Midland Co., Bunge Ltd., Cargill Inc., and Louis Dreyfus Co., commonly known as ABCD, agreed to use blockchain and artificial intelligence (AI) technologies to reduce costs and make trade more efficient and transparent.

Also read: Blockchain technology firm Bitfury has added an investment banker to its board of directors, and a former U.S. SEC member to its advisory board

Source: https://www.cointrust.com/market-news/south-korea-to-track-beef-supply-chain-using-blockchain